This investment will support Eavor’s aim to power the equivalent of 10 million homes by 2030 Investors in this round Include: bp Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource 1 and Vickers Venture Partners
CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Eavor Technologies Inc., the leader in scalable geothermal technology, has completed a USD$40 million (CAD$50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline. Eavor’s technology, known as Eavor-Loop™, uses the natural heat of the earth like a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source. Eavor’s technology differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting geothermal heat to generate dispatchable power with zero emissions.